Yet again there was just one issue driving the dollar: the outlook for US interest rates. At best that outlook was confused, at worst it was fairly easy to imagine that the Federal Reserve would make no move before next year. Whilst the Fed chairperson remains happy to allow investors to believe that rates could head higher before Christmas her lieutenants do not all publicly share that party line and some last week made plain their disagreement. Neither did the economic data make things any clearer: Retail sales in September were particularly disappointing while inflation was "higher" than expected at 0.0%. 

As a result the dollar was the weakest performer among the major currencies. It lost a cent to both the euro and the pound. Coincidentally, its performance over the last month is almost identical to its (lack of) achievement over the last week.